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We Paid Lagos $100m For Our Refinery Land —Dangote

by Nafisat Abdulrahman
1 year ago
in News
dangote
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Chairman of Dangote Industries Limited (DIL), Aliko Dangote, has disclosed that he paid $100 million to the Lagos State government to acquire the land on which Dangote Refinery was built, contrary to the belief that it was offered to him free as an incentive.

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Speaking on Saturday, the Africa’s richest man clarified that, “In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State. Yes, the Lagos State gave us a good deal but we paid $100m for the land. It wasn’t a free land; we paid for it.”

Dangote also addressed allegations of monopoly against his business conglomerate, stating that the company’s operations add value by utilising local raw materials. “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing,” he asserted.

He further dispelled the monopoly claims by referencing the cement industry. “When we first came into cement production, it was only Lafarge that was operating here in Nigeria…Nobody ever called Lafarge a monopoly,” Dangote remarked. He underscored that a true monopoly would involve blocking competitors through legal means, which he insisted his company has never done. “It is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us,” he concluded.


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Nafisat Abdulrahman

Nafisat Abdulrahman

I am a dedicated reporter at Leadership Newspaper, where I bring a keen eye for detail and a passion for storytelling to a diverse range of topics, including business, sports, politics, and international affairs. My work aims to provide readers with accurate, timely, and engaging reports that break down the complexities of current events. From covering high-profile political shifts and court cases to exploring the latest in economic developments and sporting events, I strive to offer insightful and comprehensive coverage. My stories include in-depth analyses of economic trends, detailed political reports, and human interest pieces that highlight significant global and local events. I am committed to delivering news that informs and fosters a deeper understanding of the issues shaping our world. My goal is to engage readers with well-researched and thought-provoking content

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